Ethereum (ETH) Price Approaching Significant Support
technical analysis

Ethereum (ETH) Price Approaching Significant Support

THELOGICALINDIAN - Ethereum amount started a above downside alteration against the US Dollar and bitcoin ETH is currently beneath burden and it seems like the amount could analysis the 155 abutment afore higher

Ethereum Price Weekly Analysis

This accomplished week, Ethereum amount traded appear the $185 and $188 attrition levels adjoin the US Dollar. The ETH/USD brace faced a able affairs absorption abreast the $185 attrition zone, consistent in a bearish reaction. The amount started a downside alteration and bankrupt the key $174 abutment area. There was a breach beneath the $170 akin and the 50% Fib retracement akin of the aftermost beachcomber from the $154 beat low to $188 beat high.

It opened the doors for added losses and the amount beneath beneath the $165 support. It activated the $162 abutment breadth and the 100 simple affective boilerplate (4-hours). Besides, the 76.4% Fib retracement akin of the aftermost beachcomber from the $154 beat low to $188 beat high. On the downside, there is a acute bullish trend band formed with abutment at $155 on the 4-hours blueprint of ETH/USD. The brace is acceptable to acquisition a strong affairs interest abreast the $155 and $156 abutment levels. It seems like there could be a final downside advance appear the $155 akin afore the amount could animation aback sharply.

On the upside, an antecedent attrition is abreast the $166 level, aloft which the amount may revisit the $170 level. However, the capital attrition is at $175, aloft which the amount is acceptable to resume its advancement move aloft $180 in the advancing days. On the added hand, if the amount fails to authority the $155 abutment area, there could be added losses in the abreast term.

Ethereum Price Weekly Analysis ETH Chart

The aloft chart indicates that Ethereum is abutting a few important supports levels abreast the $155 and $156 levels. As continued as the amount is trading aloft the $155 support, there are affairs of a beginning access aloft the $170 level. Beneath $155, the abutting actual abutment is at $152, beneath which the amount may analysis $144.

Technical Indicators

4 hours MACD – The MACD for ETH/USD is about to move aback in the bullish zone.

4 hours RSI – The RSI for ETH/USD is currently positioned able-bodied beneath the 45 level.

Major Support Level – $155

Major Resistance Level – $170